Trump megabill and economic agenda would spur growth and reduce national debt, according to White House report

President Donald Trump’s megabill and his overall economic agenda would increase economic growth, spur job creation, boost wages and lower the national debt, according to an updated report released Wednesday by the White House Council of Economic Advisers.

President Donald Trump’s megabill and his overall economic agenda would increase economic growth, spur job creation, boost wages and lower the national debt, according to an updated report released Wednesday by the White House Council of Economic Advisers. The analysis includes measures beyond just the tax provisions in the “Big, Beautiful Bill,” which the Senate hopes to vote on this week. It takes into account the president’s deregulatory and energy agendas, tariff revenue, cuts in discretionary spending included in Trump’s budget blueprint and interest savings from lower debt. It does not factor in historic cuts to the nation’s safety net programs, including Medicaid and food stamps. The report comes to very different conclusions than the Congressional Budget Office and independent analyses of the House package, which generally found that the overall bill would produce muted growth and add to the national debt and interest costs, even after its economic impact is taken into account. Also, lower-income Americans would be left worse off after factoring in the massive spending cuts. The council projects that the economy would be 4.6% to 4.9% larger and corporate investment would be 7.3% to 10.2% higher, after taking inflation into account, in the first four years after the legislation is enacted. The economy would grow a little more than 1% faster, on average, per year. Also, the typical family with two children would see their after-tax take-home pay rise by $7,600 to $10,900, in part because wages would be higher. And roughly 7 million jobs would be saved or created. The tax provisions include making permanent several business tax cuts and the individual income tax breaks in the 2017 Tax Cuts and Jobs Act, as well as temporary tax relief for tipped workers, senior citizens, workers who earn overtime and the construction of new factories, among others. (The tax measures in Senate and House versions differ somewhat so the two chambers would have to unify the legislation before sending it to Trump’s desk.)